The FSA board and its exam guru David Jackman are bel-ieved to be at loggerheads over the future of its training and competence regime.
FSA head of industry training Jackman is believed to be extremely disenchanted with the regulator's board because his exam review appears to have been put on the back-burner because of CP121 and Sandler.
Industry insiders indicate that Jackman apparently bel-ieves there is a move away from an exam-based regime, as proposed in discussion paper 9, which outlined reforming T&C for IFAs.
One industry source says the move away from Jack-man's ideas has a lot to do with the simple products and less-qualified advisers proposed in the Sandler report.
Jackman's vision includes core entrance exams sitting alongside optional specialist exams, annual or biennial retesting for advisers, the scrapping of designatory letters and an industrywide acc-reditation mark.
When DP9 was published last December, Jackman said he wanted the new regime to be in place for IFAs by the end of this year. But there has been no consultation paper and it is believed that details now hinge on the outcome of CP121.
One industry source says: “David Jackman has expres-sed concern that the FSA will not go for his proposals for the training and compliance reg-ime. Apparently, the idea of an examination-based regime is out of favour in the FSA.”